Barnes & Noble CEO William Lynch has resigned. His resignation is effective immediately.

Michael Huseby will now be the CEO of NOOK Media and president of Barnes & Noble. Allen Lindstrom has been promoted and will serve as the company's new CFO.

The news isn't a huge surprise.

Barnes & Noble has largely failed to adapt to the growing tablet and e-reader market. And although its Android-based Nook tablets have received decent reviews, they haven't been selling very well.

In May, Barnes & Noble made a quiet admission that its Nook tablets weren't selling as well as it had hoped when it added Google's Play store for apps and other content. That means users are no longer incetivized to purchase digital content like books and movies from Barnes & Noble. It also means Nook owners were likely frustrated by Barnes & Noble's dim app selection for the tablet.

The Board of Directors of Barnes & Noble, Inc. (BKS) today announced that William Lynch has resigned as Chief Executive Officer and director of the Company effective immediately. The Company also announced the following organizational changes: Michael P. Huseby has been appointed Chief Executive Officer of NOOK Media LLC and President of Barnes & Noble, Inc. Max J. Roberts, Chief Executive Officer of Barnes & Noble College will continue to lead the digital education strategy and report to Mr. Huseby, as will the Executive Management team of NOOK Media. Mr. Huseby and Mitchell Klipper, Chief Executive Officer of the Barnes & Noble Retail Group, will report directly to Leonard Riggio, Executive Chairman of Barnes & Noble, Inc.

The Company also announced that Allen Lindstrom, Vice President and the Company’s Corporate Controller, has been promoted to Chief Financial Officer of Barnes & Noble, Inc. He will report to Mr. Huseby. Kanuj Malhotra, Vice President of Corporate Development, has been promoted to Chief Financial Officer of NOOK Media LLC.

“We thank William Lynch for helping transform Barnes & Noble into a leading digital content provider and for leading in the development of our award-winning line of NOOK® products including NOOK Simple Touch™, NOOK Simple Touch Glowlight™, and NOOK® HD and NOOK® HD+ ,” said Leonard Riggio, Chairman. “As the bookselling industry continues to undergo significant transformation, we believe that Michael, Mitchell and Max are the right executives to lead us into the future.” Mr. Riggio added that the Company is in the process of reviewing its current strategic plan and will provide an update when appropriate.

“I appreciate the opportunity to serve as CEO of this terrific Company over the last three years,” said William Lynch. “There is a great executive team and Board in place at Barnes & Noble, and I look forward to the many innovations the Company will be bringing to its millions of physical and digital media customers in the future.”

Mr. Huseby joined Barnes & Noble as Chief Financial Officer in March 2012, and has led the Company’s financial organization since that time. Prior to joining Barnes & Noble, he had a distinguished career in the media communications industry having most recently served as Executive Vice President and Chief Financial Officer of Cablevision Systems Corporation, a leading telecommunications and media company. Mr. Huseby also served in leadership positions at Charter Communications, Inc., the fourth largest cable operator in the U.S., as well as AT&T Broadband, a provider of cable television services.

Mr. Malhotra joined NOOK Media in May 2012 and in his role as Vice President of Corporate Development has been responsible for developing strategic priorities for growth and profitability. He was previously Senior Vice President and Chief Financial Officer at Affinion International.